Pathfinder Minerals Plc Enforcement of English costs orders (9595H)
24 August 2016 - 4:00PM
UK Regulatory
TIDMPFP
RNS Number : 9595H
Pathfinder Minerals Plc
24 August 2016
24 August 2016
Pathfinder Minerals Plc
("Pathfinder" or the "Company")
Enforcement of English costs orders
Following the Company's announcement on 22 June 2016, Pathfinder
is pleased to announce that on 23 August 2016 the English High
Court made orders for the sale of the aggregate 19,824,000 shares
held by JV Consultores Internacionais Limitada ("JVC") and Diogo
Cavaco in the Company (the "Orders for Sale"). Obtaining the Orders
for Sale is a further important step in the Company's enforcement
in England of certain orders for payment of costs to the
Company.
By way of background, and as explained in the Company's
announcement of 22 June 2016, Pathfinder and its wholly owned
subsidiary, IM Minerals Limited ("IMM" and, together, the
"Claimants"), brought substantive legal proceedings in England (the
"English Proceedings") against General Jacinto Soares Veloso, JVC
(General Veloso's company) and Mr Cavaco (together the
"Defendants"). The Claimants obtained judgment to the effect that,
amongst other things, IMM validly acquired 99.99% of the issued
shares of Companhia Mineira de Naburi S.A.R.L. ("CMDN"). The
English Court ordered the Defendants to pay the Claimants' costs of
the English Proceedings and made a number of orders for payment of,
and on account of, those costs, aggregating GBP1,106,000 (the
"Costs Orders"). The Defendants have not complied with any of the
Costs Orders.
As explained in the Company's announcement of 22 June 2016, JVC
and Mr Cavaco acquired their shares in the Company pursuant to a
share exchange agreement entered into in 2010, one of the
agreements by which IMM acquired its shareholding in CMDN.
The effect of the Orders for Sale is that, unless the Defendants
pay to the Claimants the amounts set out in the Costs Orders plus
interest (totalling in excess of GBP1,400,000) (the "Debt"), JVC's
and Mr Cavaco's shares, or sufficient of them to discharge the
Debt, shall be sold (the timing of such sale to be at the
Claimants' discretion), with the proceeds being applied in the
first instance to satisfy the Debt.
The directors intend to maximise the value which will be
obtained from the sale of the shares that are subject to the Orders
for Sale at some point in the future, by way of an orderly
placing.
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel. +44 (0)20 3440 7775
WH Ireland Limited (Nomad and Broker)
Paul Shackleton or James Bavister
Tel. +44 (0)20 7220 1666
Vigo Communications
Ben Simons or Ali Roper
Tel. +44 (0)20 7830 9704
Email. pathfinderminerals@vigocomms.com
Notes to Editors:
Pathfinder Minerals Plc is incorporated in England and is
admitted to trading on the AIM market of the London Stock
Exchange.
Companhia Mineira de Naburi S.A.R.L., a subsidiary of Pathfinder
Minerals, was issued mining concession licences 760C and 4623C on
13 September 2004 and 13 July 2011 respectively, each for a period
of twenty-five years. Taken together, these mining concessions
cover approximately 32,000 hectares of land on the Indian Ocean
coast of the Zambezia province of Mozambique, known to contain the
heavy minerals, ilmenite, rutile and zircon.
As announced on 3 February 2012, ownership of these licences is
being disputed.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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